$MRC
MRC GLOBAL INC.

2024 Q1 Form 10-K Financial Statement

#000143774924004511 Filed on February 16, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $806.0M $768.0M $3.412B
YoY Change -8.93% -11.62% 1.46%
Cost Of Revenue $643.0M $610.0M $2.722B
YoY Change -8.92% -12.23% -1.13%
Gross Profit $163.0M $158.0M $690.0M
YoY Change -8.94% -9.2% 13.11%
Gross Profit Margin 20.22% 20.57% 20.22%
Selling, General & Admin $125.0M $125.0M $503.0M
YoY Change 2.46% 1.63% 7.02%
% of Gross Profit 76.69% 79.11% 72.9%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $10.00M $10.00M $40.00M
YoY Change 0.0% 0.0% 2.56%
% of Gross Profit 6.13% 6.33% 5.8%
Operating Expenses $125.0M $125.0M $503.0M
YoY Change 2.46% 1.63% 7.02%
Operating Profit $38.00M $33.00M $187.0M
YoY Change -33.33% -35.29% 33.57%
Interest Expense $8.000M -$6.000M $32.00M
YoY Change 14.29% -14.29% 33.33%
% of Operating Profit 21.05% -18.18% 17.11%
Other Income/Expense, Net -$3.000M $1.000M -$2.000M
YoY Change 0.0% -80.0% -66.67%
Pretax Income $27.00M $23.00M $153.0M
YoY Change -42.55% -30.3% 39.09%
Income Tax $8.000M $2.000M $39.00M
% Of Pretax Income 29.63% 8.7% 25.49%
Net Earnings $19.00M $15.00M $114.0M
YoY Change -44.12% 0.0% 52.0%
Net Earnings / Revenue 2.36% 1.95% 3.34%
Basic Earnings Per Share $0.15 $1.07
Diluted Earnings Per Share $0.15 $0.18 $1.05
COMMON SHARES
Basic Shares Outstanding 84.39M 84.30M 84.20M
Diluted Shares Outstanding 86.10M 85.50M

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $146.0M $131.0M $131.0M
YoY Change 274.36% 309.38% 309.38%
Cash & Equivalents $146.0M $131.0M
Short-Term Investments
Other Short-Term Assets $34.00M $34.00M $34.00M
YoY Change 13.33% 9.68% 9.68%
Inventory $546.0M $560.0M $560.0M
Prepaid Expenses
Receivables $478.0M $430.0M $430.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.204B $1.155B $1.155B
YoY Change -5.2% 1.14% 1.14%
LONG-TERM ASSETS
Property, Plant & Equipment $78.00M $78.00M $283.0M
YoY Change -3.7% -4.88% -0.35%
Goodwill $264.0M $264.0M
YoY Change 0.0% 0.0%
Intangibles $158.0M $163.0M
YoY Change -11.24% -10.93%
Long-Term Investments
YoY Change
Other Assets $20.00M $21.00M $21.00M
YoY Change -4.76% -4.55% -4.55%
Total Long-Term Assets $716.0M $731.0M $731.0M
YoY Change -4.66% -2.92% -2.92%
TOTAL ASSETS
Total Short-Term Assets $1.204B $1.155B $1.155B
Total Long-Term Assets $716.0M $731.0M $731.0M
Total Assets $1.920B $1.886B $1.886B
YoY Change -5.0% -0.47% -0.47%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $402.0M $355.0M $355.0M
YoY Change -13.92% -13.41% -13.41%
Accrued Expenses $95.00M $102.0M $121.0M
YoY Change -4.04% -11.3% -12.95%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $292.0M $292.0M $292.0M
YoY Change 9633.33% 9633.33% 9633.33%
Total Short-Term Liabilities $814.0M $783.0M $783.0M
YoY Change 34.55% 38.83% 38.83%
LONG-TERM LIABILITIES
Long-Term Debt $3.000M $9.000M $9.000M
YoY Change -99.22% -97.33% -97.33%
Other Long-Term Liabilities $20.00M $20.00M $206.0M
YoY Change -4.76% -9.09% 0.98%
Total Long-Term Liabilities $23.00M $29.00M $215.0M
YoY Change -94.36% -91.92% -60.26%
TOTAL LIABILITIES
Total Short-Term Liabilities $814.0M $783.0M $783.0M
Total Long-Term Liabilities $23.00M $29.00M $215.0M
Total Liabilities $837.0M $812.0M $1.043B
YoY Change -17.37% -12.03% -9.62%
SHAREHOLDERS EQUITY
Retained Earnings -$665.0M -$678.0M
YoY Change -10.14% -11.72%
Common Stock $1.768B $1.769B
YoY Change 0.57% 0.57%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $495.0M $488.0M $843.0M
YoY Change
Total Liabilities & Shareholders Equity $1.920B $1.886B $1.886B
YoY Change -5.0% -0.47% -0.47%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income $19.00M $15.00M $114.0M
YoY Change -44.12% 0.0% 52.0%
Depreciation, Depletion And Amortization $10.00M $10.00M $40.00M
YoY Change 0.0% 0.0% 2.56%
Cash From Operating Activities $38.00M $89.00M $181.0M
YoY Change -226.67% 790.0% -1005.0%
INVESTING ACTIVITIES
Capital Expenditures $6.000M $5.000M $15.00M
YoY Change 100.0% 66.67% 36.36%
Acquisitions
YoY Change
Other Investing Activities -$1.000M $3.000M $1.000M
YoY Change 50.0%
Cash From Investing Activities -$5.000M -$2.000M -$14.00M
YoY Change 66.67% 100.0% 27.27%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$17.00M -9.000M -$67.00M
YoY Change -142.5% 28.57% -494.12%
NET CHANGE
Cash From Operating Activities $38.00M 89.00M $181.0M
Cash From Investing Activities -$5.000M -2.000M -$14.00M
Cash From Financing Activities -$17.00M -9.000M -$67.00M
Net Change In Cash $16.00M 78.00M $100.0M
YoY Change 128.57% 3800.0% -814.29%
FREE CASH FLOW
Cash From Operating Activities $38.00M $89.00M $181.0M
Capital Expenditures $6.000M $5.000M $15.00M
Free Cash Flow $32.00M $84.00M $166.0M
YoY Change -196.97% 1100.0% -635.48%

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<b><span style="text-decoration: underline; ">Use of Estimates</span></b><b>:</b> The preparation of financial statements in conformity with the accounting principles generally accepted in the United States of America requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reported period. We believe that our most significant estimates and assumptions are associated with the last-in, <em style="font: inherit;">first</em>-out (“LIFO”) inventory costing methodology, estimating net realizable value on excess and obsolete inventories, goodwill, indefinite-lived intangible assets, realizability of deferred taxes and self-insurance programs. Actual results could differ materially from those estimates.
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<p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><b><span style="text-decoration: underline; ">Concentration of Credit Risk</span></b><b>:</b> In the normal course of business, we grant credit to customers in the form of trade accounts receivable. These receivables could potentially subject us to concentrations of credit risk; however, we minimize this risk by closely monitoring extensions of trade credit. We generally do <em style="font: inherit;">not</em> require collateral on trade receivables. We have a broad customer base doing business in many regions of the world. During <em style="font: inherit;">2023</em>, <em style="font: inherit;">2022</em> and <em style="font: inherit;">2021</em>, we did <em style="font: inherit;">not</em> have sales to any <em style="font: inherit;">one</em> customer in excess of <em style="font: inherit;">10%</em> of sales. At those respective year-ends, <em style="font: inherit;">no</em> individual customer balances exceeded <em style="font: inherit;">10%</em> of accounts receivable.</p> <p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> </p> <p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">We have a broad supplier base, sourcing our products in most regions of the world. During <em style="font: inherit;">2023</em>, <em style="font: inherit;">2022</em> and <em style="font: inherit;">2021</em>, we did <em style="font: inherit;">not</em> have purchases from any <em style="font: inherit;">one</em> vendor in excess of <em style="font: inherit;">10%</em> of our inventory purchases. At those respective year-ends <em style="font: inherit;">no</em> individual vendor balance exceeded <em style="font: inherit;">10%</em> of accounts payable.</p> <p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> </p> <p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">We maintain the majority of our cash and cash equivalents with several financial institutions. These financial institutions are located in many different geographical regions with varying economic characteristics and risks. Deposits held with banks <em style="font: inherit;"> may </em>exceed insurance limits. We believe the risk of loss associated with our cash equivalents to be remote.</p>
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R8.htm Edgar Link pending
R80.htm Edgar Link pending
R9.htm Edgar Link pending
report.css Edgar Link pending
Show.js Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
mrc-20231231_lab.xml Edgar Link unprocessable